Page 15 - RE-NJ

JUST KIDDING PLAYGROUND leased
5,975 square feet at The Shoppes at
North Brunswick, a 147,054-square-
foot property off Route 1 in North
Brunswick. Kevin Pelio of Azarian
Realty Co. and Jim Cheng of eXp
Realty represented the landlord and
tenant, respectively.
A private investor purchased 1512
Route 23, the site of a 4,736-square-
foot Wawa convenience store and
gas station in Wayne, for $6.655
million. Marcus & Millichap’s Dean
Zang and David Crotts represented
the seller and procured the buyer,
with the firm’s John Horowitz
assisting.
DUCK DUCK TOOTH PEDIATRIC
DENTISTRY leased 3,900 square feet
at Capitol Plaza, a 355,000-square-
foot property at Route 206 and
North Olden Avenue in Ewing.
Fred Younkin of Levin Management
Corp. and Jon Porter of CARR
represented the landlord and
tenant, respectively.
A local investor purchased 639
Route 9, the site of a 3,101-square-
foot convenience store and a
fueling station in Freehold, for $4.7
million. Marcus & Millichap’s Alan
Cafiero, Brent Hyldahl and Seth
Goldberg represented the seller,
while the firm’s Mark Krantz and
Derrick Dougherty procured the
buyer.
ENGLEWOOD HEALTH leased 3,000
square feet at 21-20 Broadway
in Fair Lawn. Katz & Associates’
Jonathan Greenberg represented
the landlord, while Sam Bernhaut,
Greg Barkan and Remy deVarenne
of CBRE represented the tenant.
GREEN HILL TITLE LLC leased 2,900
square feet at 350 Clark Drive, a
441,363-square-foot property in
Mount Olive.
An owner-user purchased 180-
182 Clinton Ave., the site of a
vacant 2,500-square-foot property
in Newark, for $625,000. Ryan
Cerqueria of The Quinas Cos. Inc.
brokered the transaction.
HILLCREST PLAZA LLC leased 2,400
square feet at Hillcrest Plaza, a
23,400-square-foot property at 421
Route 73 in Berlin, to Pyramid
Hospitality. Wolf Commercial Real
Estate’s Eric Flocco represented
the landlord.
BLUE HABANERO leased 2,145
square feet at Clinton Corners,
a 30,300-square-foot center
at 1225 West 7th St. in South
Plainfield. Vanessa Kelty of Levin
Management Corp. and Diomaris
Rosado of Keller Williams Premier
represented the landlord and
tenant, respectively.
J.G. PETRUCCI CO. INC. leased 1,924
square feet at The Station at East
Orange, a mixed-use property at 384
East Williams St. in East Orange, to
Playa Bowls.
TFE PROPERTIES and MSM REALTY
leased Hankins Center, a property
at the corner of Route 130 and
Hankins Road in Robbinsville, to
QuickChek. Urszula Zoltek and Matt
Ardizzone of Zoltek Commercial
Real Estate Services represented
ownership.
SOUTH JERSEY SHOPS 2019 LLC sold
233 South Broadway, a 1.5-acre
development site in Pennsville, to
Paramount Realty. The Goldstein
Group’s Scott Milich and Chris
Conway represented both parties.
FINANCE
An undisclosed life insurance
company closed a $26.25
million loan to the owner of a
48,268-square-foot retail and
medical offi ce property on
Washington Street in Hoboken.
David Fryer of G.S. Wilcox & Co.
sourced the transaction, which has
a seven-year term with full-term
interest-only payments.
WINTRUST BANK provided $10.305
million in construction fi nancing
to Bridge Logistics Properties
in connection with a planned
76,230-square-foot industrial
building in the Somerset section of
Franklin.
A life insurance company provided
$5.4 million to refi nance a
28,645-square-foot grocery property
in Madison. Bridget Wilcox and
Al Raymond of G.S. Wilcox & Co.
arranged the debt with a 15-year
term and 30-year amortization.
FULTON BANK originated a $2
million loan to Gary Hullfi sh and
Kate Pollack of Hullfi sh Real Estate
Co LLC for the development of
a new 60-seat restaurant in the
Lawrenceville section of Lawrence
Township. George Gnad of Lenders
Capital Realty Services arranged the
fi ve-year loan. RE
™ 13
RANDOLPH
WAREHOUSE TEAM
INKS $7 MILLION
PERMANENT LOAN
A joint venture has landed $7
million in permanent fi nancing
for nearly 41,000 square feet of
newly built warehouse space
in Randolph, brokers with JLL
announced.
In a news release, the debt
placement team said Aegon Asset
Management provided the fi xed-
rate, 11-year loan in connection
with the property at 11 Aspen
Drive. The deal comes roughly a
year after the borrowers, North
Jersey Development Group
and Commercial Realty Group,
delivered the 40,586-square-foot
facility just north of Route 10,
having leased it to Red Bull and
Dominion Solutions DBA Source4.
JLL Senior Managing Director
Gregory Nalbandian and Senior
Analyst Benjamin Morgenthal led
the debt advisory team, noting
that the lender is a correspondent
life insurance company.
“The sponsor-developer was
seeking to replace their bank
construction fi nancing with an
attractive long-term fi xed rate
loan upon stabilizing the asset,”
Nalbandian said. “Aegon saw an
attractive opportunity to secure
a loan on a highly desirable
industrial asset and delivered
outstanding terms.”
Courtesy: JLL
11 Aspen Drive in Randolph
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